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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Saturday, August 29, 2020

August 29, 2020

By FedACTion Task Force

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Congress

to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Crapo Encourages SEC to Finalize Rules

August 28, 2020

U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), encouraging the SEC to finalize certain items currently in the final rule stage as part of the SEC’s fall regulatory agenda. In his letter, Senator Crapo specifically called upon the SEC to finalize its pending efforts in several areas, including harmonizing exempt offerings to allow small businesses to more efficiently and effectively access the capital markets during the ongoing COVID-19 pandemic, shareholder proposal thresholds, and modernization of Regulation S-K disclosures.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Announces September Hearing Schedule

August 28, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services (Committee), announced the Committee’s schedule of virtual and hybrid hearings for the month of September 2020.

International

Bank of England

Bailey Delivers Speech on Central Bank Balance Sheets as Policy Tools

August 28, 2020

Andrew Bailey, Governor of the Bank of England, delivered a speech entitled “The Central Bank Balance Sheet as a Policy Tool: Past, Present and Future,” at the virtual Jackson Hole Economic Policy Symposium. In his speech, and the associated paper, Bailey addressed the lessons from the past decade, including the response to the disruption caused by COVID-19, for the use of central banks’ balance sheets as a policy tool.